Markets Live: Sensex finishes up 181 points at 35,695

Sensex, Nifty close in the green

The benchmark indices, the Sensex and the Nifty, closed the week in the green. The Sensex finished at 35,695, up 181 points or 0.51 per cent higher, while the Nifty ended the session at 10,727, up 55 points or 0.52 per cent higher.

The top gainers on the Sensex were YES Bank, Bharti Airtel, Tata Motors, VEDL and SBI, while the laggards were HCL Tech, TCS, Infosys, IndusInd Bank and Hero MotoCorp.

The indices closed 1 per cent lower on Thursday, with the Sensex at 35,513.71 and the broader NSE Nifty at 10,672.25.

The rupee moved up further to trade at 69.77 against the dollar after opening at 96.95.

China-US trade talks a tonic to battered markets

World stock markets rallied on Friday after Beijing announced a new round of trade talks with Washington, though recession fears still had markets betting the next move in US interest rates might be down. Read the European markets report in full here.

Sensex, Nifty trade in the green

The benchmark indices, the Sensex and Nifty, were trading in the green in late session on Friday. The Sensex was trading at 35,713, up 200 points or 0.56 per cent ahead of the close. The Nifty was trading at 10,735, up 63 points or 0.59 per cent higher.

The top gainers on the Sensex were Bharti Airtel, YES Bank, VEDL, Tata Motors and SBI, while the laggards were HCL Tech, TCS, Infosys, Hero MotoCorp and IndusInd Bank.

Corporate results to be released next week are reported to have kept the markets on edge. Tata Consultancy Services and Infosys are among the companies that will announce their results next week.

On Thursday, the Sensex had tumbled 377.81 points, or 1.05 per cent, to end at 35,513.71; and the broader NSE Nifty plunged 120.25 points, or 1.11 per cent, to 10,672.25.

AIR to shut national channel, regional training academies

Public broadcaster Prasar Bharati has decided to close down All India Radio’s national channel and its regional training academies in five cities as part of “cost-cutting measures” and to “rationalise” services. Read the full report on AIR cost cutting measures here

Sensex, Nifty shed gains

The Sensex shed most of its afternoon gains to quote at 35,571 in late session on Friday. This represented a gain of 57 points or 14.22 per cent.

Similarly, the NSE Nifty also gave up most of its gains to stand little changed at 10,673, up 1.45 points or 0.01 per cent higher.

The top gainers on the Sensex were Bharti Airtel, Tata Motors, SBI, Axis Bank and YES Bank, while the laggards were HCL Tech, TCS, Infosys, Larson & Toubro and IndusInd Bank. Tata Consultancy Services and Infosys are to announce their results next week.

On Thursday, the Sensex had tumbled 377.81 points, or 1.05 per cent, to end at 35,513.71; and the broader NSE Nifty plunged 120.25 points, or 1.11 per cent, to 10,672.25.

Gold trims gains as equities recoup losses on fresh trade talks

Gold erased most of its early gains after touching 6-1/2-month highs on Friday, as Asian equities regained some footing after Beijing announced a new round of trade talks with Washington amid fears of a global economic slowdown. Read the gold report in full here.

Oil prices rise by more than 1% on China-US trade talks, OPEC cuts

Oil prices rose by more than 1 per cent on Friday, shaking off earlier losses, after China said it would hold talks with the US government on January 7-8 to look for solutions to a trade dispute between the world's two biggest economies. Read the oil prices report in full here.

No decision taken over Rs 2,000 note production: DEA Secretary

The Secretary of the Department of Economic Affairs (DEA), Subhash Chandra Garg, said that no decision has been taken with regards to the production of Rs. 2000 currency notes. This comes a day after a top financial ministry official commented that the printing of Rs 2000 banknotes, introduced post-demonetisation in November 2016, has been reduced to the “minimum” by the Reserve Bank of India (RBI). Read the full report on production of Rs 2000 note here.

Govt may not proceed with draft pharmaceutical policy

According to an RTI filed, 81 patients have died while on treatment with Bedaquiline

The much-debated Draft Pharmaceutical Policy which was discussed in closed door meetings through last year may not see the light of the day after all. Read the report on Draft Pharmaceutical Policy in full here.

US factory activity hits two-year low as orders plunge

US manufacturing activity slowed sharply to a two-year low in December amid a plunge in new orders and hiring at factories, which could further stoke concerns about how immune the US economy is to a global growth slowdown. Read the report on drop in US factory activity in full here.

Services PMI slips to 53.2 in December

The services sector slowed down a bit in December, a private survey revealed on Friday. This follows a report that points to a slowdown in the manufacturing sector in same month. Read the full report on slowdown in services PMI here.

Centre not to conduct auctions for commercial coal mining till elections

The government will not conduct any auctions for commercial coal mining until the elections. The move follows sustained pressure from Coal India unions that have threatened to go on strike. Read the full report on auctions for commercial coal mining here.

Nifty Call: Buy on dips with fixed stop-loss at 10,730

The key benchmark indices — the Nifty and the Sensex — began the session on a positive note. But it slipped into negative territory for a while and bounced back strongly. Both the indices currently hover in the positive zone. The market breadth of the Nifty index is biased towards advances. Read the Nifty call report in full here.

Sensex extends gains, up 170 points

The benchmark indices, the Sensex and Nifty, which dipped into negative territory earlier in the day, are trading firm currently. The Sensex was trading up 170 points or 0.48 per cent at 35,684 and the Nifty was at 10,720, up 47 points or 0.45 per cent higher.

The top gainers on the Sensex were Tata Motors, Axis Bank, SBI, Bharti Airtel and YES Bank, while the losers were HCL Tech, Infosys, TCS, IndusInd Bank and Larsen & Toubro.

On Thursday, the Sensex had tumbled 377.81 points, or 1.05 per cent, to end at 35,513.71; and the broader NSE Nifty plunged 120.25 points, or 1.11 per cent, to 10,672.25.

The rupee, which rose 34 paise to 69.86 against the US dollar in opening trade on Friday, moved up further to trade at 69.84 against the dollar at mid-session.

The rupee, which has been on the uptrend today, made further gains to trade at 69.8450 after opening the session at 69.95.

Sensex back in the green

The Sensex and Nifty moved into positive territory at mid-session on Friday in see-saw trade. The 30-share benchmark index was trading at 35,570 points, up 56 points or 0.16 per cent higher. The Nifty was trading at 10,685, up 13 points or 0.13 per cent higher.

The benchmark indices started the day in the green, before slipping into the red in the mid-morning session. In a see-saw session, the two benchmarks are back in the green at noon.

The top gainers on the Sensex were Tata Motors, Axis Bank, SBI, Bharti Airtel and ONGC, while the laggards were Infosys, TCS, HCL Tech, IndusInd Bank and Larsen & Toubro.

On Thursday, the Sensex had tumbled 377.81 points, or 1.05 per cent, to end at 35,513.71; and the broader NSE Nifty plunged 120.25 points, or 1.11 per cent, to 10,672.25.

The rupee, which rose 34 paise to 69.86 against the US dollar in opening trade on Friday, moved up further to trade at 69.84 against the dollar at mid-session.

Sino-US trade talks a tonic as markets wager on Fed rate cut

Asian shares found a crumb of comfort on Friday as Beijing announced a new round of trade talks with Washington, though recession fears still had markets betting the next move in US interest rates might be down. Read the Asian markets report in full here.

Gold scales over 6-1/2-month high on growth fears

Gold prices hit their highest in 6-1/2 months on Friday as volatile equity markets on the back of weak US data heightened fears of a global economic slowdown, propelling the safe-haven metal towards a potential third straight weekly gain. Read the full report on gold price movements here.

Bharti Infratel hits over 3-month peak

Telecom tower operator Bharti Infratel Ltd's shares gained as much as 3.61 per cent to Rs 281.4 on Friday, the highest they have climbed since September 24.

The stock broke above resistance at Rs 277.35, the 14.6 per cent Fibonacci retracement level of the downtrend from the October 17, 2017 high to its October 4, 2018 low. Read the full report on Bharti Infratel share price movement here.

Sensex drops lower

The Sensex carried its recent weak undertone into trading on Friday. In the mid-morning session, the benchmark index was trading at 35,404.22 points, down 109 points or 0.31 per cent lower. The Nifty was trading at 10,635, down 37 points or 0.35 per cent lower.

The top gainers on the Sensex were Tata Motors, Bharti Airtel, Axis Bank, Asian Paints and HDFC, while the top losers were TCS, Infosys, HCL Tech, Larsen & Toubro and ICICI Bank.

On Thursday, the Sensex had tumbled 377.81 points, or 1.05 per cent, to end at 35,513.71; and the broader NSE Nifty plunged 120.25 points, or 1.11 per cent, to 10,672.25.

Rupee recovers 34 paise to 69.86 in morning trade

The rupee appreciated 34 paise to 69.86 against the US dollar in opening trade on Friday amid a weakening American currency and positive opening of the domestic equity market. Read the rupee report in full here.

Broker's call: Coal India (Buy)

JMFL

Coal India (Buy)

CMP: ₹235

Target: ₹350

Coal India’s (CIL) offtake grew at 5.5 per cent in YTD FY19 versus.6.9 per cent in FY18 depressed mainly by flattish growth in 3QFY19. However, coal stocks in power plants have improved to 10 days in December from seven days in October driven by a) power demand growth reverting to normalised 5-6 per cent after the spike seen in October 2018; and b) imported coal stock at plants doubling to (c.0.6 MT in December versus October). However, given stable power demand growth and coal stock at plants at only 10 days (versus 21days mandate) — we expect the coal offtake growth to continue as power plants continue re-stocking coal in FY19-20. Read the Broker's Call on Coal India in full here.

Sensex, Nifty slip into the red

The Sensex slipped into the red early in the session, after opening mildly firm. At 10 am the benchmark index was trading at 35,500, down 12 points or 0.04 per cent lower.

The Nifty was also quoting in negative territory at 10,658, having opened in the green. It was down 13.45 points or 0.13 per cent lower on its overnight close.

The top gainers on the Sensex were Tata Motors. Bharti Airtel, NTPC, Power Grid and Axis Bank, while the laggards were HCL Tech, TCS, Infosys, ICICI Bank and YES Bank.

PTI adds:  On Thursday, the Sensex had tumbled 377.81 points, or 1.05 per cent, to end at 35,513.71; and the broader NSE Nifty plunged 120.25 points, or 1.11 per cent, to 10,672.25.

According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, the domestic market has remained resilient in the face of worrisome news over the past three months.

“With low and falling inflation expectations, should growth disappoint, we would expect the RBI to deliver a rate cut in Q4 FY19.

“An accommodative central bank, low inflation, strong credit growth and low crude remain four key macro pillars backstopping the Indian markets,” he said

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 972.81 crore on Thursday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 34.52 crore, provisional data available with BSE showed.

Elsewhere in Asia, Hong Kong’s Hang Seng was up 1.22 per cent, Kospi gained 0.55 per cent and Shanghai Composite Index was trading 1.81 per cent higher in early trade. Japan’s Nikkei, however, cracked 3.03 per cent after it resumed trading after New Year holiday.

On Wall Street, Dow Jones Industrial Average plunged 660.02 points, or 2.83 per cent, to 22,686.22 points.

The rupee, meanwhile, strengthened against the US dollar and opened at 69.95.

The benchmark Brent crude futures were trading marginally lower at $55.93 per barrel.

Will franchisee win boost Torrent Power?

Torrent Power has emerged as a winner of the competitive bidding for distribution of electricity in Shil, Mumbai, and Kalwa sub-divisions (Thane circle). The bid, conducted by the Maharashtra State Electricity Distribution Company, was for appointment of input-based distribution franchisee for 20 years. TPL is expected to upgrade the infrastructure, improve quality of supply, and lower AT&C losses, while MSEDCL will supply input power at annual rates as agreed upon.

Broker's call: Tata Elxsi (Buy)

Reliance Securities

Tata Elxsi (Buy)

CMP: ₹1,030

Target: ₹1,440

Tata Elxsi’s (TEL) revenue rose 5.4 per cent q-o-q in 2QFY19, with the key SDS business clocking 6 per cent q-o-q growth; y-o-y SDS revenue growth was a robust 20.7 per cent, the fastest growth since 1QFY17. EBITDA margin declined 139 bps q-o-q despite depreciation in rupee, owing to wage hike impact. The addressable size of the ER&D industry will cross $300 billion, while offshore ER&D spend will clock 9 per cent CAGR, with TEL likely to grow at a much faster pace. Read the Broker's Call on Tata Elxsi in full here.

Acquisition may add sheen to Sun Pharma

Sun Pharma, through its subsidiary, has completed the acquisition of Japan-based Pola Pharma to strengthen its presence in the dermatology segment across the globe. In November 2018, it had entered into a definitive agreement to acquire Pola Pharma, which is engaged in research and development, manufacture, sale and distribution of branded and generic products in Japan. Pola Pharma has two facilities in Saitama to manufacture topical products and injectables.

M&M Financial Services: Focus on NCD issue

Shares of Mahindra & Mahindra Financial Services will remain in focus, as its ₹500-crore non-convertible debenture issue opens for subscription. The issue, which has a greenshoe option to retain oversubscription of ₹3,000 crore, will close on January 25. The issue has four series with coupon rates varying from 9 per cent to 9.35 per cent. The NCDs offered through this first tranche are proposed to be listed on the BSE. Investors will watch the response to the issue.

Company news: Vascon Engineers

Pune-headquartered  Vascon Engineers  on Thursday informed the exchanges that it has concluded two transactions worth ₹50 crore. The first transaction comprised the sale of amenity plot along with school building to Infraschool Services Gurgaon Pvt Ltd for ₹36.50 crore, and the second involved sale of land situated at village Balewadi, Baner, along with all other joint venture partners to Keywest Realty Pvt Ltd for a consideration of ₹100 crore — Vascon’s share in the project was ₹13.10 crore. Shares of Vascon Engineers closed at ₹17.25, down 1.43 per cent on the NSE on Thursday. The shares were trading at Rs 17.70, up 0.45 points or 2.61 per cent higher on Friday.

Markets wager on Fed rate cut as slowdown fears swell

Global markets were on the edge on Friday as dire US economic data slammed Wall Street and pushed investors to bet the Federal Reserve could reverse its policy tightening before the end of this year. US stock futures slipped in early Asian trade with E-Minis for the S&P 500 off 0.3 per cent. Read the full report on market expectations for a Fed rate cut .

Brokers resort to crowd funding to fight NSEL case

Stock broker associations in Mumbai have embarked up on crowd funding to mount a legal battle against NSEL, the now defunct commodity spot exchange. NSEL recently moved Bombay High Court seeking attachment of brokers’ assets, who traded on its platform and have been named in the first information report by the Mumbai police and also are facing SEBI’s show cause notice in the scam that rocked the markets in 2013. Read the full report on brokers resorting to crowd funding to fight NSEL case here.

SEBI regulates NRI/OCI fund flows through FPIs

File photo

Market regulator SEBI has put in place norms for a single regime of foreign portfolio investments (FPIs) by non-resident Indians/Overseas Citizens of India. This is being done to regulate fund flows from NRIs and track the source of money from Indian-origin persons. Read the full report on SEBI norms to regulate NRI/OCI funds here.

Yen holds steady, but mood sours on global growth worry

The safe-haven yen strengthened marginally versus the dollar on Friday as broader market sentiment remained weak on rising concerns over a sharp slowdown in global growth. To read the dollar report in full, click here.

Oil slips on global manufacturing downturn, although OPEC cuts offer support

Oil prices fell on Friday after the United States followed most other major economies into a manufacturing downturn, although supply cuts by producer club OPEC kept declines in check. Read the full report on global oil price movements here.

Opening bell

The Sensex opened Friday'session in the green, trading up 77 points or 0.22 per cent at 35,590. The Nifty was trading at 10,703, up 30 points or 0.29 per cent higher. The benchmark indices had closed yesterday's session in the red.

Wall St plunges as factory data, Apple warning fuel slowdown fears

Wall Street plunged on Thursday after slowing US factory activity on the heels of a dire revenue warning from Apple Inc fueled fears of a global economic slowdown. To read the US markets report in full click here.

Day Trading Guide for Friday, January 4, 2019

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2112 • HDFC Bank

₹667 • Infosys

₹278 • ITC

₹143 • ONGC

₹1091 • Reliance Ind.

₹291 • SBI

₹1896 • TCS

10718 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Read the Day Trading Guide for Jan 4, 2019 here

Today's Pick: Praj Industries (₹122.2): Buy

Investors with a short-term horizon can consider buying the stock of Praj Industries at current levels.

The stock jumped almost 8 per cent accompanied by extraordinary volume on Thursday, breaking above a key resistance at ₹118. Since taking support at ₹72.5 in early July 2018, the stock has been on an intermediate-term uptrend. But, the stock had encountered a key resistance at ₹118 in October and continued to move sideways in the band between ₹100 and ₹118. In the last session, the stock moved out of this sideways range on the upside, backed by strong buying interest. To read the Today's Pick on Praj Industries in full click here.

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